Egypt has eased the conditions for granting its nationality to foreigners who invest in dollars in the country plagued by inflation and a lack of foreign currency, according to local media reports on Wednesday.
A law passed by parliament in 2018 and amended by the prime minister in 2019 had paved the way for Egyptian nationality to be obtained through investment, such as when depositing in an Egyptian bank or buying real estate in dollars.
This decision by Prime Minister Mostafa al-Madbouly is the latest in a series of measures aimed at bolstering the state’s coffers by attracting foreign investment, as the country is being squeezed by its creditors while inflation continues to impoverish its 105 million inhabitants.